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MICT enters into agreement to acquire Hong Kong securities and investments firm serving China, Hong Kong and United States

10/01/2020

• MICT to pay up to U.S.$3.0 Million in cash for 100% of the firm, which currently has approximately U.S.$2.1 million in cash and equivalents on its balance sheet 

• Acquisition provides MICT with a licensed platform to serve its significant customer base in the rapidly growing Chinese brokerage market

MONTVALE, N.J., October 1 2020 /PRNewswire/ -- MICT, Inc. (Nasdaq: MICT), (the "Company"), announced today that through its wholly-owned subsidiaryGFH Intermediate Holdings Ltd.,, it has entered a strategic agreement to acquire, for a total purchase price of U.S.$3.0 million, 9% of a Hong Kong based securities and investments firm, with an option to acquire the remaining 91% of the firm upon approval from the Hong Kong Securities and Futures Commission (SFC), the principal regulator of Hong Kong’s securities and futures markets. Nine percent of the purchase price will be paid at the closing and the remainder to be paid upon exercise of the option. The entity to be acquired is licensed to trade securities on leading exchanges in Hong Kong, the U.S. and China including the valuable China A-Shares, all of which are the primary target markets for MICT’s global fintech business.

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About MICT, Inc. MICT, Inc. (NasdaqCM: MICT) operates through Micronet Ltd. (“Micronet”), a former subsidiary, in which MICT previously held a majority ownership interest that has since been diluted to a minority ownership interest. Micronet operates in the growing commercial Mobile Resource Management (MRM) market, mainly in the United States. Micronet designs, develops, manufactures and sells rugged mobile computing devices that provide fleet operators and field workforces with computing solutions in challenging work environments.

 

Contact Information

 

Tel: (201) 225-0190

info@mict-inc.com


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